Corporate Strategy: WestRock reportedly beat two other bidders in deal for acquiring Kapstone
OAKLAND, CA, March 30, 2018 (PPI Pulp & Paper Week) -Three companies first approached KapStone about a possible acquisition from the beginning of 2016 and all three submitted offers in December 2017-January 2018, according to the WestRock/KapStone merger proxy.
KeyBank analyst Adam Josephson reported that WestRock initially offered an "implied" $29/share in a combination of cash and stock offer on Jan. 12, and raised the offer to $35/share 10 days later.
Another bidder ("Party B") initially offered $25-28/share on Dec. 13 and later increased its offer to $30-33/share on Jan. 10. Kapstone turned down WestRock's $29/share offer and Party B's $30-33/share offer. ...